Bitcoin fell from the cliff to its lowest point since July
As cryptocurrencies fell to their lowest level in more than a month, Bitcoin prices fell today.
Data from CoinDesk shows that the digital currency is close to 1,050.15, which is near EDT at noon today.
Other data from CoinDesk showed that at this time, Bitcoin had fallen by about 8.4% from its intraday high of 11,470.81 to 4 in the morning.
In addition, the digital asset has been at its lowest point since July 27 after falling below $10,000.
[Ed Note: Investing in cryptocurrencies or tokens is highly speculative, and the market is generally not regulated. Anyone considering this should be prepared to lose all their investment. ]
Market observers pointed out several factors when explaining the recent price movements of cryptocurrencies, including technical factors and basic improvements.
Technical analysis
Joe Dibasquale, CEO of Pitball Capital, a cryptocurrency hedge fund manager, said: "The current actions are technical in nature and are based on 8 tests of Price K 11K support in the past 30 days."
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He said: "As highlighted in our previous comments, this area has strong support between K 10K and 0.515K. The price has not yet tested this area."
Dibasquel said: "We don't expect a major decline to break through this support area in the short term. Bitcoin may consolidate between 5 10.5K and K 11K before attempting to break 5.5.5.5."
Gianna Daniel, CEO of Invest Diva, also provided some technical analysis.
He emphasized: "PTC/USD has developed a head-and-shoulders bearing inverted chart shape, which can further fall to 10,500 US dollars."
"The pair also tested the daily Ichimoku cloud, which is currently a strong support. A break below the Ichimoku cloud marks a mid-term decline in the price of Bitcoin, and the next major support level is $9,500."
Dollar shock
Daniel also weighed the latest fluctuations in the U.S. dollar compared to other Fiat currencies.
He said: "The U.S. dollar has depreciated against major Fiat currencies, including the Canadian dollar and the Swiss franc."
"Therefore, the strength of the U.S. dollar may undoubtedly be a factor in the decline in the price of Bitcoin."
Tim Enneking, managing director of Digital Capital Management, gave another skeptical assessment.
``The idea of a sudden strong connection with the U.S. dollar is a bit fictitious because I think the U.S. dollar has undergone significant changes on the same day as PTC-especially since we have been talking about PTC declines for two consecutive days.
He provided another explanation for the recent decline in digital currencies.
Stock may circulate
"Yesterday was the time to fall, from today's 7,750 points to today's 11,750 dollars, from 11,300 dollars (slightly rebounding) to 11,200 points in 2000, basically 10,700 points when New York City woke up."
He said: "Last year, the awareness of EST in the United States gradually became an important moment for important actions; this trend has intensified in the past few months."
He said: ``So I might come up with a new theory: Wall Street’s initial skepticism has led to a record-breaking (resignation) legitimacy in the U.S. stock market, which has caused many investors (in BTC to have been Growing and growing, more and more concentrated) from BTC (not done recently). ) To (indirectly) choose to rotate stocks again. "
